Kinda wasteful on bits of boat however :)
if the concept is hulls folded beneath a solid deck, that works
Dont forget both hulls would be canted at launch though as there is no central supporting hull anymore.

Does the extra weight compared to a "regular" HP jeopardize the HP advantage?

no question folding makes it heavier than it otherwise might be
and in small boat classes there might not be a lot of positive weight margin to play with, not to say there are no advantages. If you want to compare the Performance Index measurement the formula is:
(L x B x SA) / Weight.

Where it does win is with a bigger trailerable boat sizes and pocket cruisers, that can be launched more easily and benefit from the OA Beam..